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The International Islamic Trade Finance Corporation, which is affiliated with the Islamic Development Bank, is giving Egypt a loan worth US$1.2 billion in total. The loan aims to provide basic and strategic commodities. The second part of this loan, US$330 million, is being prepared by several local and regional banks. It is intended to be used for importing wheat and food commodities.

Read more on: http://www.egyptindependent.com/news/islamic-development-bank-lend-egypt...

After a long time of secular rule, the Tunisian government intends to develop Islamic banking. However, there are discussions on whether the leading motive is economic or rather political. Some people see that the initiative as an effort to win the support of voters. On one hand, change of policy is possible to bring economic benefits because the country would have more access to a huge pool of Islamic investment funds from the Gulf. On the other hand, there are some political complications in Tunisia.

According to the investment banking analysis for the Middle East by Thomson Reuters for 2012 so far, M&A activity has reached US15.7 billion during this period. During the same period last year the activity was only half of this year's (US7.5 billion). Telecoms is said to be the most targeted industry in the Middle East. The leading country in activity are the United Arab Emirates.

Read more on: http://www.menafn.com/menafn/1093567713/Middle-East-M&A-activity-doubles...

The Tunis Financial Harbour (TFH) project by Gulf Finance House's (GFH) has received back-up from Tunisian Investment and International Co-operation Minister Riadh Bettaieb. The commitment is in the form of a high profile delegation from the Islamic investment bank GFH, including a meeting between acting chief executive Hisham Alrayes, TFH chief executive Lutfi Alzaar, and the minister. Minister Bettaieb assured that his government will do its best to support the project's development according to plan in co-operation with TFH. Mr Alrayes expressed his opinion, that the enefits to be expected from TFH are far beyond the ordinary for Tunisia as well as for GFH and their investors.

See more on: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=339234

MENA Private Equity Association will collaborate with the Hawkamah Institute for Corporate Governance in order to advancing corporate governance within the Private Equity sector. The main scope of the cooperation should be to re-assess the current governance practices in the private equity industry and to draw up a policy brief.

See more under: http://www.complinet.com/global/news/news/article.html?ref=158952

An Egyptian professor of Islamic studies claims, it is allowed for Muslims to borrow non Shariah-compliant options, if there is an extreme need. However there are ultra-orthodox voices saying that such loans are violating Islam's beliefs. In their opinion Islamic countries should decry loans from International Monetary Fund and search other ways of covering debt.

See more under: http://www.bloomberg.com/news/2012-10-01/imf-aid-cheaper-than-aa-debt-wo...

Tunisian central bank intends to issue Islamic bonds early next year, according to the central bank governor. Finance ministry, religious affairs ministry and the central bank have set up committees that are currently working on an Islamic finance law in order to strengthen the Islamic banking in the country.

See more under: http://www.english.globalarabnetwork.com/2012100112595/Finance/central-b...

According to a study of Ernst and Young, there will be three times higher demand for Islamic bonds (or Sukuk) till 2017. It is also assumed that this year could be the biggest year for Sukuk as the supply is close to demand. The Continuing standardization by Islamic finance organizations should help Sukuk securities to grow in long-term, analysts says.

See more under: http://www.globaltimes.cn/content/731907.shtml

The central bank governor of Tunisian Central Bank has announced country's plan to issue Islamic bonds early 2013. Tunisian government is currently working on an Islamic finance law that should constitute Islamic banking in Tunisia, where at the moment only two Islamic banks exist. The law is going to be prepared within two weeks, after which the Government of Tunisia will decide whether to legislate it or not.

See more under: http://english.ahram.org.eg/NewsContent/3/12/54296/Business/Economy/Tuni...

International Islamic Trade Finance has granted a credit to Egypt worth USD 235m. This financial package should help to the state-run Egyptian General Petroleum Corp. to secure country's commodity supply. The Egyptian Ministry of Finance will assume responsibility for paying back the credit, in case if the Egyptian General Petroleum Corp. cannot perform obligations under the contract.

See more under: http://www.kuna.net.kw/ArticleDetails.aspx?id=2265517&language=en

Since Ridge Islamic Capital wants to be able to offer a full range of sharia-compliant financial services in Egypt, it is looking for a local brokerage to buy. Such an initiative would be a part of its expansion plan. The company's intentions are to start providing sharia-compliant brokerage services during the last three months of 2012. The brokerage they are looking for should have a solid reputation and a track record. Potential candidates and deal size have not been made known so far.

More on: http://in.reuters.com/article/2012/09/26/egypt-islamic-brokerage-idINL5E...

Ridge Islamic Capital announced it had $100 million which will be used to raise the company's capital and invest in funds over the next two years. Thus, it aims to tap a growing market for Islamic finance. The launch of Ridge Islamic Capital took place after Ridge Solutions International Holdings acquired El Rashad.

More on: http://english.ahram.org.eg/NewsContent/3/12/53336/Business/Economy/Egyp...

At a recent press conference, Ridge Islamic Capital announced its official inauguration and launch of its activities in the Egyptian market. The company plays the role of a moderate solution between modern investment banking and traditional Sharia compliant commercial banking. The launch will be a milestone in providing Sharia compliant solutions in the region and is expected to raise the company's revenues and its investors and shareholders' value.

More on: http://www.ameinfo.com/ridge-islamic-capital-announces-official-launch-3...

The increase in bank robberies and fraud cases in Syria deepens the country's state of trouble. Already there are alerts to the country's stock exchange about major robberies in separate filings by foreign-backed lenders. A robbery in Homsled to the loss of 75.2 million Syrian pounds (Dh4.12m) which is a huge sum compared with 200m pounds profit the bank made last year. Unfortunately, the frequency of such incidents only gets higher.

More on: http://www.thenational.ae/thenationalconversation/industry-insights/econ...

Egyptian company Ridge Islamic Capital has announced to have $100 million which it plans to use for raising its capital and investing in funds over the following two years. Thus, it shall take advantage of the growing Islamic financial market. After Dubai-based Ridge Solutions International Holdings, the company for regional investment which provided the money for Ridge Islamic Capital, acquired Egyptian investment banking and asset management firm El Rashad, Ridge Islamic Capital was launched on Wednesday. Even though El Rashad uses conventional financial operations, Ridge will convert its assets in sharia compliant ones over a period of about two years. Future investments are all to be subject to Islamic principles.

More on: http://af.reuters.com/article/investingNews/idAFJOE88J00J20120920

The future financial regulation of Libya will face some new challenges and advantages. The question remains however, whether the absence of political stability and security will have a positive effect on the adoption of Islamic finance. The new Congress elected in July this year will appoint an interim government and a constituent authority to prepare the draft of the country's new constitution. On one hand, the Congress is influenced by liberals considerably more than by islamists. On the other hand, the liberals have vowed to accept and include Islamic principles in the new constitution.

The IMF and Egypt continue to negotiate a potential $4.8 billion loan at an interest of 1.1%. The Salafi Nur Party made a statement claiming that this interest is not a forbidden riba. Their statement was followed by one by a another Salafi preacher with similar content.

Microtakaful shall help people at the base of the economic pyramid to find a way out of poverty and gives them a real hope of being financially independent. It is known that of the 41 lowest human development countries, 20 have a majority Muslim population. In other words, 54 % of the one billion people living in the low depending countries are Muslims. There are actually just a few takaful operators that have entered into the low-income microtakaful market, especially in the countries where almost all population is Muslim, poverty is extended and the takaful sector is already established.

Al Baraka shall provide Shari'ah-compliant finance to small projects in Egypt with cooperation with World Bank through the Social Fund and its subsidiary in Egypt. Bank authorities claimed in their statement that small projects hast become the highest priority for countries and international financial instututions due to high unemployment rates.

The vote of Morocco's parliament on the new draft banking law will take place in September. A chapter of the new law concerns Islamic banking. It is expexted, that in the very near future, Islamic banking will start in the country, already there are investors for the sector. A boost to Sharia-compliant finance is discussed.